Re: As an ex-IBMer you'll be pleased to know...
I was a developer at a financial services co, several small software outfits running on VC money, and I was a system architect at an oil major. I am now a developer at IBM and I have to say that the salary/stress ratio at IBM is the lowest in the industry by some margin. I know several people who started in IBM then moved away, but nearly all see it now as "the grass being greener".
While IBM feels way to process-heavy when you're part of it, I reckon it protects you from the alternative seen at far too many shops, ie requiring staff to be in at weekends/hoildays to make up for bad/missing decisions that should have been fixed earlier.
As others have said, you get to work on key strategic products, sometimes all over the world, and with industry experts.
While the perks (esp compared to the oil major) are pretty pathetic, the salary is OK and (here in the EU) they leave staff "resource actions" as a last resort.
I can understand there are many who have experienced IBM and not enjoyed it. There is something very exciting about being part of a small start-up. But if it is a balance of stability and quality you want, I reckon IBM is top.